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S&P Futures Trade Update

By Bill Strazzullo

 About this article:
 In my July 31 post, I wrote that the rally off the March lows now looks like it is headed to 1,125 - 1,150 in the S&P 500 futures. At the time, the market was trading around 984. The high thus far is 1,103.20 on Nov. 11. S&P 500 Futures Source: CQG What's next? Same story. The market still shows a little more upside, but the important point to keep in mind is that the market has entered the sell-tail of the distribution (top 15% of the curve). Anywhere from 1,050 up to 1,125, intermediate- and long-term traders should be in the "harvest mode" taking profits. Short-term traders can still play from the long side to catch the last leg higher, but, in our opinion, the market has reached a price level where the risk/reward no longer makes...

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